Despite delays, closures, and quarantines due to the Coronavirus (COVID-19), you still need to file your taxes. So, Toby Mathis and Jeff Webb of Anderson Advisors spent St. Patrick’s Day answering tax questions to help you through this difficult time. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics:

What are the updates on the tax impact of COVID-19?

April 15: Deadline to file your taxes still applies, but individuals that owe less than $1 million and businesses that owe less than $10 million can file a 90-day grace period extension to pay their taxes without being charged penalties and interest

Families First Act: Passed by House of Representatives, but still under review by Senate because major mistakes need to be corrected to address Family and Medical Leave Act (FMLA) and other payments

If I get married while owning a property in an LLC, will my spouse also be protected under the same LLC? LLC is not necessarily protecting you and your spouse, but the property in the LLC and whatever happens to it

If I purchase a business from someone, how does the entity transfer over? Two types of business purchases: Stock purchases or asset acquisitions

My business started in 2019, and we don’t have money for a CPA. Can I submit a 1065 partnership form for my small business myself? Yes, you can, but it’s not recommended because failing to file a 1065 on time has a $205 penalty per month/per partner

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